How do YOU identify key price levels to trade?

SunTrader said:
Your usual scattershot reply. What did I expect.

Bob and younger brother Don Bright (both of whom I traded with) forgot more than IBD ever knew and I'll just leave it at that.
More...
%%
Good SunTrader;because IBD is much better than WSJ, CNBC.I dont fault foggy charts-WSJ for trying to save a few cents with black charts/ black volume. i do fault WSJ for calling trading/investi9ng ''gambling'' LOL-LOLBut before expensive color took over charts, IBD did black + gray price- volume,2008......................................................
 
Xela said:
I identify them by price action generally. More specifically, I look for long price action entries in uptrends and short ones in downtrends, choosing my entry right after small retracements in bigger trends. (That's only one way of doing it, naturally, and not the only way, but it's a pretty reliable one.)

In other words, "objectively".

One does one's best to approximate "reliability" and "robustness"........

Nothing else is likely to have a genuine edge at all.

Personally I don't let it get any more complicated than that, and I look for near-certainty rather than for certainty.

Once you've got as close as you realistically can to proving that it has an edge, and working out appropriate risk-management and trade management parameters for it (this requires some mathematical/statistical understanding which needs to be learned first)...
More...
%%
I also use a form of one of the ''10 commandments of trading'' For obvious reasons i dont want to note the exact number, nor do i daytrade@ present time. Commandment number 9 After 3 loses in a row take a big break-LBJ[aka Lewis J BorSellino, went from Pit to PC]

Not only ,do i not want to disclose my exact number on that rule of mine ;
if someone has a low %% hit/win rate, they should maybe should NOT even have a rule like this. Most of my misses are trend change-support resistance changes which is why i have a rule somewhat like that....................................................................................
 
Ryan81 said:
I write a bunch of ticker symbols on 3x5 note-cards and then I throw them down the stairs. The ones that land near the top I trade bullish, and the ones that land near the bottom I trade bearish.
More...
%%
LOL- that could work I use 8X11+/ and write it slowly, but accurate.Business envelopeS w0rk well; but wait until the US post office gives them to you , free
 
For the last couple of years I’ve had a system for buying and selling foreign currency pairs online that generates about 5 to 10 pips profit per trade with better than 80% accuracy, but have been unable to “crack the code” for making 10 to 30 pips per trade while still maintaining the same success rate.

However, I’d like to think I might be on to something in light of a couple of possible insights stemming from the last day of trading. If my observations have any validity, AUDJPY should be just about ideally positioned for the entrance of a long position with the promise of more than just a handful of pips.

If it works, I might have a nuanced approach to identifying key price levels to trade. If not, I’ll try it a couple of more times just to make sure the idea truly is a bust.

AUDJPYM5.png
 
_eug_ said:
or to sell it?
More...

No, buy only! If USDJPY falls from 113.83 it means that the analysis of market conditions was invalid, which points to a lack of understanding as to what is going on, which is more than enough reason not to take any action at all.
 
Ye first touch of that level was the sell... not the second touch. I am not trading USDJPY. Just started watching it recently.
 
You must log in or register to reply here.
Back
Top